If you need funding for your business or brand, it is imperative to craft a sound business plan to share with lenders that demonstrates what you are doing and how you will proceed. Is your credit less-than stellar? In these instances, it is even more critical to construct a business plan that will reinforce how you plan to move forward and how you will repay this funding.

Consider these tips:

Your Business Plan is Key

A thoughtful and pragmatic business plan is essential for any company or brand- including yours! Depending on what you offer or manufacture, there are different styles, templates, and recommendations that can be followed. The best approach is to seek out the advice of a financial counselor who can develop and highlight integral features for your plan. This will be a map used by prospective lenders or investors to determine if funding makes sense at this time.  

Keep an Eye on your Credit

Never overlook the importance of keeping an eye on your credit report. You can obtain free copies of your reports and credit scores to review and pinpoint any issues, problems, or discrepancies. Mistakes are found all the time on credit reports; make sure yours is accurate.

Work at Fixing your Credit

Once you have obtained your credit report, get to work on fixing any credit issues that could be impacting your eligibility for funds. For instance, pay off debts, pay down credit lines, and settle old disputes to increase your score and appear more appealing to potential lenders. Be prompt and timely in paying current creditors and bills, too.

Identify and Assess your Assets

What assets does your company have? This is something you should be aware of before reaching out to others for funding or loans. Consider things like bank accounts, retirement savings, or the equity that you have built in your property when evaluating your available assets.

Want to learn more about funding options for your business or company? Talk to the professionals at LMC Alternative Business Capital and use these tips to start improving your chances of funding your business today.